x Abu Dhabi, UAEFriday 28 July 2017

Abu Dhabi bank votes to allow more international ownership

Finance House becomes the third company to lift limits on international ownership of its stocks in two weeks, as UAE financial services companies court greater numbers of overseas investors.

Finance House, the Abu Dhabi-based bank, has upped its limit on international investors' ownership of its stock to 20 per cent.

The company becomes the third to have lifted investment limits in the last two weeks, putting itself in a better position to reap the benefits of an upgrade for the UAE to emerging markets status by MSCI, the index provider.

"We are pleased with this step," said Mohammed Abdulla Alqubaisi, chairman of Finance House, in a statement. "On this occasion, I would like to invite investors from across the region and internationally to participate in the growth of Finance House, which has proven to be one of the fastest growing groups in the region.

The rise follows a similar move by Insurance House, which is 36 per cent owned by Finance House, which last week said it would raise the limits on international ownership to 25 per cent of its stock.

First Gulf Bank also lifted its cap on international investment the same week, and now allows 25 per cent of its stock to be traded by overseas buyers.